Hearts face the prospect of liquidation on Friday- if they fail to get their CVA approved by creditors.
It’s believed that around £2.5m is available to unsecured creditors with the fate of the 139-year-old Edinburgh institution in the hands of Lithuanian companies Ukio Bankas and UBIG who can are owed £23.7m of the £28.5m debt.
If Hearts fail to get approval for the offer for 75% of the debt they will go into liquidation prompting a crisis at the club and the SFA.
Unless the Jambos have arranged a cosy Duff & Phelps style deal Tynecastle will revert to Ukio Bankas who have a floating charge over the stadium as security against their borrowings.
With the drama happening in mid-season attention will be on the SFA to see whether they attempt another Rangers type deal of show-horning a new club into the top division despite having no audited accounts and question marks over the ownership of their ground and secretive shareholdings.
Recognising the severity of the crisis facing his old club Tynecastle favourite Gary Mackay told the Edinburgh Evening News: “It’s a huge week in the history of the football club.
“It’s about putting the mismanagement of this football club to bed and allowing the people that really care for the club, the supporters, to take it forward in a better manner.
“We can look at the relative success on the football pitch but there has been a price to pay for that and hopefully that price will be negated at the end of this week and Heart of Midlothian can regain a bit of pride and can become a dignified football?establishment in Scotland. It’s a massive, massive time.”
Since the club went into liquidation the Foundation of Hearts has acted as a rallying port for supporters keen to keep the 1986 Premier Division runners-up in business.
Should liquidation be confirmed the FoH are likely to attempt to set up a new club looking for a stadium to use in Edinburgh, where they are placed by the SFA remains to be seen.
Liquidation will end the 139-year-old history of the the club.
As much as I don’t like the cousins of william.Their fans have done much more to save their club than the rancid mob did.
BUT,money talks.tynecastle will be sold,like IBROKES should have been,to the highest bidder. ie.housebuilders.
I have a solution for both orange entities,
why don’t they amalgamate, to be :
SEVCO of MIDLOTHIAN
HAIL HAIL
I was part of a team that valued Tynecastle when it was for sale before the crash, after all the required works, demolition etc. it was worth £9M, its value now may be £6M plus.
Would a bank in Lithuania accept £2.5M?
I hope so, The Hearts fans have shown passion, commitment and real dignity in this mess, of the clubs own doing of course, but I’m not hearing the cries that ‘we deserve better’ bile as shown by Sevco 5088 Ltd.
Good luck Jambos, I want to keep on disliking yer manky team!! 😉
My loathing is only for Sevco, I hope Hearts come out of this alright!
Hearts fans r just as bad as the sevco fans.
Scottish society would be much better off without both of them .
The sfa will do nothing if the jambos go to the wall. They will say they have to follow the rules, and they will in this instance.
I expect Campbell ‘Prince of darkness’ Ogilvie is hoping that their CVA gets accepted. If it doesn’t, it could get a wee bit embarrassing for him and his sevco buddies.
So run that by me again, Campbell. Hearts are starting as a new club, but sevco is still the original ragers because…?
I’ve a better question, “So Campbell, which two senior Scottish clubs have you been involved with in a financial capacity?”
There fans are total scumbags and a hope they get kicked down with the hunns, a think with them down there the hunns might not even get out the first division the 1st year, a mean scumbags that sing thers only 1 john wilson need a kick in the stones and a will fucking love to see them going bust
Let’s not kid ourselves, by showing favour kronenburg 1664 fc they have set a precedent but, unlike any other walk of life they don’t have to follow follow that precedent. As we know the rules will be made up and bent as and when required. I am willing to bet there have been several ‘planning’ meetings to discuss the possible outcomes. I would suggest it’s safe to say there’s a plan in place already for face to be saved and bull to be shitted
If Hearts get liquidated,could HIBS buy oldco hearts history.
Enabling Hibs to finally win a Scottish cup?
For Hearts, Liquidation will end the 139-year-old history of the the club.
For Rangers Liquidation ended the 140-year-old history of the the club.
The History of both clubs are now on sale at Ebay
if hearts are liquidated what happens to the fans who have bought tickets for the cup tie next weekend
Just been on to E-Bay…
Neither history has attracted a bid….
Experts on E-Bay reckon…as both clubs would be out of existence…there is no history any more…making them worthless.
I genuinly hope hearts can survive and rebuild. I dislike the club for mostly footballing reasons but where they get the benifit from me is in the fact that unlike sevco their fans have looked insular instead of blaming every man and his dug for their troubles.
The sons of satan clubs are getting fewer and fewer in the top flight Dundee, Sevco and soon Hearts with Killie teetering.
keep the boot on the throat.
hail hail